TIPCO Offers THB0.70 Dividend Payout despite 2022 Results Plunging 34% over Rising Costs

Tipco Foods Public Company Limited (SET: TIPCO) has announced its 2022 consolidated financial statement through the stock Exchange of Thailand as follows;

TIPCO reported a net profit of 279 million baht in 2022, decreased 34.71% from a net profit of 428 million baht in 2021.

The total revenue of the company in 2022 was 2,988 million baht, an increase from the same period of the previous year of 2,523 million baht or increase of 18%. The increase in total revenue was mainly due to increased revenue in sales from vegetables, fruit products and beverages.

Despite a rise in revenue the company had a total operating expense of 3,258 million baht, an increase by 26% from 2,592 million baht in 2021.

The impact of raw material and packaging costs increased significantly compared to the previous year and the production capacity also did not meet the plan. This causes the increased rate of cost of sales to be higher than the increased rate of sales.  

Meanwhile, the company’s gross profit margin from the consolidated financial statement in 2022 was 20%, a slight decrease of 4% compared to the same period last year.

In addition, the Board of Directors of TIPCO announced a THB 0.70 of dividend payout to be paid on 3 May 2023. The ex-dividend date is on 18 April 2023.